The seasonally adjusted estimate for total dwellings approved in Australia plunged by 9% month-over-month to 13,898 units in November 2022, unrevised from the flash reading and after a 5.6% drop in October. This was the third straight month of decline in building permits and the steepest pace in the sequence. Approvals for private sector dwellings excluding houses permits tumbled 22.7% to 4,423 units, following an 11.7% decrease in October; while private sector houses permits fell 2.5% to 9,142 units, after a 1.1% drop in October. Across Australia, permits decreased in New South Wales (-18.4%), Western Australia (-17.5%), Victoria (-12.7%), and Queensland (-5.6%), while Tasmania (75.7%) and South Australia (10.0%) recorded increases. source: Australian Bureau of Statistics
Building Permits MoM in Australia averaged 0.34 percent from 1983 until 2022, reaching an all time high of 37.80 percent in February of 2022 and a record low of -24.30 percent in January of 2022. This page includes a chart with historical data for Australia Dwelling Approvals MoM. Australia Dwelling Approvals MoM - data, historical chart, forecasts and calendar of releases - was last updated on January of 2023.
Building Permits MoM in Australia is expected to be -3.60 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Australia Dwelling Approvals MoM is projected to trend around 1.50 percent in 2024 and 1.90 percent in 2025, according to our econometric models.